Madinet Nasr Housing and Development (MNHD), an Egyptian real estate development company, announced in a report released on Tuesday that its consolidated revenues for the third quarter of 2016 reached EGP 578.7m, as net profits registered EGP 310.1m, a 317% increase in revenues.
The report said that the increase in revenues is primarily driven by the increase in contracted sales as well as the revenues from the Capital Gardens project in New Cairo, which is part of a partnership agreement between Palm Hills for Development (PHD) and MNHD.
Total contracting of the company’s projects reached EGP 1.5bn, which is an annual growth of 812% compared to EGP 165m during the same period in 2015, according to the report. “The increases reflect the positive impact of the marketing campaigns launched by the company to enhance its sales in new projects,” the report said.
CEO of MNHD, Ahmed El Hitamy, said that the financial results achieved by the company are considered the best in its history. “We are confident in our ability to sustain this strong growth in the coming months as we continue to roll out new phases in the two projects Taj City and SARAI,” El Hitamy added.
Units of Taj City’s first phase were sold for EGP 2.1bn, whereas the second phase was sold under the name T-Zone for EGP 1.6bn. The project is situated on an area of 3.5m sqm. On the other hand, SARAI added EGP 307m to the company’s total revenues, located on an area of 5.5m sqm in New Cairo.
MNHD is developing three major projects in Greater Cairo with more than 8,000 housing units in different stages of establishment and design.
MNHD was founded in 1959, and is one of the largest companies in the field of construction and real estate development in Egypt. It has developed the majority of Nasr City neighborhood on an area of 40m sqm in greater Cairo, providing housing for more than three million citizens.